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Myners strike – words of wisdom from City insider turned govt advisor

Friday, January 23, 2009 — charliemarks

Yet another reject from the square mile has made it into government, take note!

Says Paul, who joined Labour because it was more “left wing” than the Liberals:

The capacity for soundly managed banks and markets to support the generation of wealth in the economy could never be matched by the public sector. That is why the government has a policy of supporting a return to an effective commercial banking sector, rather than nationalisation.

Ah, no comrade. The reason is that New Labour is committed to securing the power and wealth of the super-rich, as opposed to using the country’s wealth to re-invest in productive activities…

If Gordon Brown had really wanted to abolish the boom and bust of the capitalist economic cycle, he would have expropriated the banks years ago – not merely part-nationalise them by buying worthless shares.

As it stands, turbo-capitalism of the sort backed by New Labour has destroyed the manufacturing base of this country and damaged the social fabric of the country with mass unemployment. Many were bought off with the promise of a “housing ladder” to climb out of the working class, but now this bubble has burst along with the dream of a “popular capitalism”

The relentless pursuit of profit for the few has brought misery for the many. Now it has brought chaos for those who benefit the most – and they’ve called in the government, which has stepped in with wads of borrowed money which we will have to pay back in years to come (with interest!).

But never fear, we have utopians like Paul Myners in government. Men who can imagine a time when capitalism serves the many not the few. How fortunate he is to have such dreams – the rest of us must bear the reality of the recession: indebtedness, mass unemployment, and a rise in homelessness and crime.